Casey Inc. uses the accrual method of accounting for financial reporting purposes and the instalment method of accounting for income tax purposes. Instalment income of $930,000 will be collected in the following years when the enacted tax rates are: The instalment income is Casey's only reversible difference. What amount should be included as the deferred tax liability on their December 31, 2017 statement of financial position?

Question

Casey Inc. uses the accrual method of accounting for financial reporting purposes and the instalment method of accounting for income tax purposes. Instalment income of $930,000 will be collected in the following years when the enacted tax rates are:  The instalment income is Casey's only reversible difference. What amount should be included as the deferred tax liability on their December 31, 2017 statement of financial position?

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The Answer of Casey Inc. uses the accrual method of accounting for financial reporting purposes and the instalment method of accounting for income tax purposes. Instalment income of $930,000 will be collected in the following years when the enacted tax rates are:  The instalment income is Casey's only reversible difference. What amount should be included as the deferred tax liability on their December 31, 2017 statement of financial position?

Casey Inc Uses the Accrual Method of Accounting for Financial Reporting